VIDEO: eMoney Advisor Announces More Than 100 Employees Now in Providence
Tuesday, May 07, 2019
Governor Gina Raimondo was joined Monday by eMoney CEO Ed O'Brien (right) and "Governor for a Day" Cadence Solon for the announcement.
Rhode Island Governor Gina Raimondo joined eMoney CEO Ed O’Brien and members of the Greater Providence Chamber of Commerce and local community officials at the official ribbon-cutting ceremony to commemorate the new space.
According to the state, eMoney has hired more than 100 employees since opening an office in Providence in 2017 after receiving Rhode Island Commerce Corporation economic development incentives.
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According to Commerce RI in 2017:
eMoney Advisor, LLC. (“eMoney”) builds interactive financial technology for advisory professionals and the clients they serve. Founded in 2000, eMoney now has over 360 employees located at its headquarters in Radnor, Pennsylvania, and its satellite office in San Diego, California. eMoney serves more than 40,000 financial professionals at 46 of the top 50 broker dealers, 50 percent of the top insurance companies, and many other investment advisors, banks, and financial planning professionals. eMoney is a majority-owned subsidiary of Fidelity Investments, a privately-owned investment manager with over 3,600 employees in Rhode Island, who acquired eMoney in 2015.
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Commerce continued in 2017:
eMoney is proposing to create a new office in downtown Providence. Since eMoney does not have an existing presence in Rhode Island and it has unused finished space at its headquarters, it is costlier to create an office in Providence than to hire the new employees at its headquarters. The Providence office is expected to be staffed by at least 100 new full-time employees, including software developers, user interface and experience designers, quality assurance analysts, and associated management and support positions, with an estimated median annual salary of $80,000. eMoney plans to have its full team in place by 2020. In total, the Corporation is recommending awarding the Company an incentive package consisting of tax credits under the Qualified Jobs Incentive Tax Credit Program and a grant of up to $97,500 from the First Wave Closing Fund.
The incentive was not without controversy however; one of Rhode Island's top homegrown entrepreneurs issued a critical statement regarding RI Commerce's deal with eMoney Advisors.
